Ms Gráinne McEvoy:

Absolutely not. Ms Rowland used the language of transformation and our approach has been exactly that. We have moved away from a sectoral approach of looking at the banks because we now recognise that they are the firms that can impose the greatest harm on consumers. We are intensifying our scrutiny of those institutions. We are challenging them through a series of multiple engagements throughout the year at board and executive level throughout the organisation. We are challenging their business models, their assessment of risk, how they monitor and actually instil a culture of consumer focus within their organisations. I will give the Senator some examples of the kind of thing we would expect to see in that context. He is familiar with the report we issued last year that highlighted that all of the five retail banks have a journey to travel in terms of really embedding a consumer-focused culture. Ms Rowland and I spoke to the boards of those institutions after we had concluded that report in order to convey our expectations and our findings on the individual firms. We talk about having a robust risk management framework in place, having strategies and operational business models. What we mean in practice is that those institutions truly have the customer at the core of their operations. They have multiple committees, as the Senator and I both know. Those committees make decisions regarding whether products that are going to be launched are profitable for the firms but they should also consider whether it is suitable for customers. They decide, for example, whether they are products that the Senator or I might actually buy; that the risks are not unnecessarily high; and that a product is affordable to the customer and delivers what he or she wants. Rather than having "speak up "policies gathering dust on a shelf, we want those organisation to be able to provide evidence and show us when we go out on site that there is a culture of speaking up within them, that the individuals who work there can trust and have confidence that if they do speak up, they will be listened to and that they can call out bad behaviours. We want them not just to incentivise, reward or promote individuals on sales targets, as it is not all about commercial decisions and sales, but also to promote individuals who deliver good outcomes for the consumers. They are the practical issues on which that we are challenging those firms looking to see evidence of same.